Gangtok: Sikkim’s AIC-SMUTBI and Mainstage Incubator (haftungsbeschränkt) from Frankfurt, Germany have signed a Memorandum of Understanding (MoU) to enter into a strategic partnership and enable the startups of the region to gain smoother access to the European market.
Swen Wegner, founder and CEO, on behalf of Mainstage Incubator, visited Sikkim to ink the pact with AIC-SMUTBI represented by Dr Tej Chingtham, its CEO.
The MoU will enable startups from Northeast India and the rest of the country, to land into the European market in two stages — soft landing (virtual landing) and hard landing.
Soft Landing will enable startups to test their prototypes or product in the Europe market via AIC-SMUTBI’s partner incubator in Germany. On its part, Mainstage Incubator will facilitate all the regulatory compliances, certification, legal requirements, etc, which are mandatory for entry into European Union. A total of approximately 10 men-hour of mentoring will be provided to startups by their pool of mentors from the European Union for the product-market fit. This will prepare the startups to scale globally.
In the second stage of hard landing, Mainstage Incubator will provide free office space and three months of accommodation in Frankfurt for the startups to have their physical presence in Germany. It will also support to register an entity in Germany, if necessary.
The intention of the MOU is to reduce the overall cost of launching a product from the Northeast India to the European Union market and help the startups focus on scaling beyond the boundaries of the region/country.
Apart from this assistance, Mainstage Incubator will also provide all the startups with valuable industry connects, mentorship and access to investors from the European Union.
A session on ‘How to pitch to European Customers’ was conducted by Swen, followed by a one-on-one session with all the start-ups/ entrepreneurs present and suggested on how their products can be prepared for the global market.